2024
DOI: 10.1002/ijfe.2935
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Exchange rate misalignment and financial development in Africa

Tii N. Nchofoung,
Nathanael Ojong,
Ladifatou Ndi Gbambie Gachili

Abstract: We examine the effect of misaligned exchange rates on financial development in Africa. Results from quantile regression techniques and the IV Lewbel estimator reveal that exchange rate misalignment significantly hampers financial development on that continent. This result is robust across financial institutions and financial markets. We also show that while the effects of misaligned exchange rates are negative on financial institutions and positive on financial markets in African franc‐zone countries, the effe… Show more

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